Category Archives: Property Market / Real Estate

Leasing checklist for foreigners and bosses hiring them

Posted on 12 Mar 2010 | Comments Off on Leasing checklist for foreigners and bosses hiring them

WITH reference to yesterday’s report, ‘Agent targeted foreigners in rental scam‘, we would like to offer the following guide to employers recruiting foreign talent as well as individual foreigners who are leasing residential properties in Singapore.

  • Request for verification of property ownership such as the latest property tax statement or utilise the e-Valuation List service at the Internal Revenue Authority of Singapore (Iras) website to find out the name of the property owner for $2.50.
  • If the property is an HDB flat, request for a copy of the Housing Board’s approval letter to the landlord for subletting.
  • Avoid paying a security deposit and advance rent by cash or cash cheque. Make out the cheque payable directly to the landlord. If you have no cheque account, buy a cashier’s order with the appropriate payee’s name.
  • Whenever possible, make an appointment to meet the landlord to satisfy yourself that the prospective lease is in good faith.
  • When responding to Internet advertisements, ensure that the source of the advertisement is from a credible website or property portal. If in doubt, contact the agency of the estate agent who posts the advertisement online to ensure it is not a hoax.
  • Be aware of comparative rentals in the area where one is planning to lease a flat/ apartment and be wary of anyone who touts an incredibly low or attractive rental.
  • Be sure that tenancy agreements signed are stamped by Iras as it is an offence to evade stamp duty on tenancy agreements. Moreover, if the tenancy agreement is not stamped, it may not be admissible in a court of law in the event of a legal dispute.
  • Appoint an accredited estate agent or an agent from an accredited agency who has professional indemnity insurance.

    • Dr Tan Tee Khoon
    Chief Executive Officer
    Singapore Accredited Estate Agencies

    Source : Straits Times – 12 Mar 2010

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    HDB releases Hougang residential site for condo devt

    Posted on 10 Mar 2010 | Comments Off on HDB releases Hougang residential site for condo devt

    THE Housing & Development Board (HDB) yesterday released a residential site at Hougang Avenue 7 for application by interested developers.

    The 99-year leasehold parcel is on the reserve list and can yield up to 395 condominium units, HDB said.

    The site spans 168,251 square feet, has a maximum gross plot ratio of 2.8, and a maximum gross floor area of 471,102 sq ft.

    It is near the Hougang and Kovan MRT stations, as well as Hougang Mall, Hougang Plaza and Heartland Mall.

    Caveats lodged show that units at the nearby Kovan Residences changed hands at between $798 and $1,009 per sq ft (psf) last month.

    Just about two weeks ago, the government also made a residential site on the reserve list at Hougang Ave 2 available to developers. Another four plots will be coming up from now to May.

    An additional four sites from the confirmed list will also be making their way to the market.

    The authorities have ramped up the release of sites under the H1 2010 land sales programme as home prices spiked last year, and developers put in fierce bids during state land tenders.

    On Monday, National Development Minister Mah Bow Tan further announced that the H2 2010 land sales programme will carry a larger number and greater variety of sites on the reserve list.

    Still, there is likely to be ‘good demand’ for sites in the current land sales programme, said DTZ South-east Asia research head Chua Chor Hoon.

    ‘With the H2 2010 land sales programme still a few months away, developers will not wait for it to be announced as some need to replenish their land bank and there are attractive sites in the H1 2010 programme.’

    Meanwhile, developers continue to see fairly healthy demand for newly launched projects. Sing Holdings will hold a preview of its 229-unit development at Cairnhill Road, The Laurels, in both Singapore and Jakarta this weekend.

    It plans to release about 100 units at an average selling price of around $2,850 psf. As at yesterday, it had sold more than 80 units from earlier private previews.

    Source : Business Times – 10 Mar 2010

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    Posted in HDB, Property Market / Real Estate

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